ACT apartments

Canberra&#39;s largest developer Geocon Group are directly contributing to the&nbsp;next wave of ACT&rsquo;s multi-billion dollar redevelopment with&nbsp;their Woden Valley precinct WOVA.

WOVA, short for WOden ReVAmped, is set to host a revitalised residential and mixed-use community precinct,&nbsp;located along the $1.9 billion dollar future light rail.

Woden is also set to host the largest healthcare infrastructure commitment ever undertaken by the ACT Government with Canberra Hospital&rsquo;s $500 million,&nbsp;40,000 sqm&nbsp;facility to meet the fast-growing suburb&#39;s need. In addition to a $300 million Canberra Institute of Technology campus build on the site of the&nbsp;existing Woden bus interchange site.

[smartcode_project:default project_id=7947 project_image_fid=186441]

Many&nbsp;apartments also benefit from the ACT government&#39;s recent scrapping of stamp duty for off-the-plan apartments and townhouses up to $500,000 with WOVA&#39;s&nbsp;one-bedroom apartments falling into that bracket. The $374,900 price tag is well within this cut-off and $50,000 below the median price for one-bedroom apartments in the area.

The two bedroom apartments across the four towers are similarly affordable, with prices ranging from $513,900 to $574,900, they are ~$75,000 below the ACT median of $620,050.

Rent&#39;s have seen similarly strong growth amongst much of Phillip, where Woden is located, with median rents up 2.3 per cent per capita over the past decade.

[smartcode_project:default project_id=7947 project_image_fid=186440]

Designed by the award-winning&nbsp;Fender Katsalidis&nbsp;and Oculus Urban Design, WOVA offers buyer the choice of&nbsp;three different colour schemes.

Located at the heart of a vibrant new urban village&nbsp;there are dozens of cafes and eateries surrounding WOVA, beyond its own commercial and residential ground floor.&nbsp;

There&#39;s also more than&nbsp;3,000 sqm of landscaped gardens across the precinct.

Beyond the future light rail, the&nbsp;Canberra Airport is nearby as well as multiple bus stops and main roads, all of which provide convenient access to Canberra&rsquo;s city centre just 10-15 minutes away.

[smartcode_project_cta: project_id=7947]

Canberra's largest developer, Geocon Group, are right at the centre of the next wave of ACT’s multi-billion dollar redevelopment with their Woden Valley precinct WOVA

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Why investors are shortlisting Geocon's Canberra apartments, WOVA

The ACT government has scrapped stamp duty for off-the-plan apartment and townhouse purchases up to $500,000 from July 1.

The stamp duty abolition will apply to first-home buyers and other owner occupiers who exchange purchases for off-the-plan in the territory from July 1.

<a href="https://www.urban.com.au/developments/act">Buyers of newly built apartments or townhouses at $500,000 will save $10,360 in stamp duty.</a>

The eligibility criteria includes satisfaction of residency requirements, that at least one buyer must live in the home continuously for at least one year, starting within 12 months of the date of completion/settlement date.

Since 2012 the ACT has been reducing stamp duty.

&ldquo;This is a further step in our tax reform program and one that encourages an increased supply of housing below the $500,000 threshold,&quot; ACT Chief Minister Andrew Barr said.

The announcement is part of the territory&rsquo;s 20-year plan to phase out stamp duty and replace it with an annual land tax.

The plan has been underway since 2012.

Stamp duty has also beeen reduced by $1040 for any owner-occupier established property purchase between $200,000 to $1.455 million in 2021-22.

As part of the ACT tax reform program, average general rates have increased to offset revenue that would otherwise be lost due to the abolition of stamp duty.&nbsp;

This did not occur in 2020-21 as part of the Government&rsquo;s response to the COVID-19 pandemic.

The ACT government has scrapped stamp duty for off-the-plan apartment and townhouse purchases up to $500,000 from July 1

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